Gerald Wallace will not seek a contract extension with the Blazers due to limitations from the NBA's new collective bargaining agreement, his camp has informed the team.

After this season, Wallace will be open to an extension and is interested in retiring in a Portland uniform.

Wallace is under contract for this season and the 12-13 season, but he can opt out of the final year of his contract, which would pay him $11.4 million.

Wallace has not made a decision on whether he will opt out of his contract or accept the $11.4 million for the 12-13 season.

Blazers interim general manager Chad Buchanan said he feels good about the intentions of both sides. 

"There is a genuine interest on both ends,'' Buchanan said. "We value Gerald and what he brings to this team. We are open to discussing something long-term if it makes sense financially.''